This form is a Grant Deed with a retained Enhanced Life Estate where the Grantor is an individual and the Grantees are two individuals or husband and wife. Grantor conveys the property to Grantees subject to an enhanced retained life estate. The Grantor retains the right to sell, encumber, mortgage or otherwise impair the interest Grantees might receive in the future, without joinder or notice to Grantee, with the exception of the right to transfer the property by will. Grantees are required to survive the Grantor in order to receive an interest in the real property. This deed complies with all state statutory laws.
Roseville California Enhanced Life Estate or Lady Bird Grant Deed from Individual to Two Individuals or Husband and Wife is a legal document that allows for the transfer of a property while retaining certain rights and benefits for the granter (the person transferring the property). This specific type of deed is named after Lady Bird Johnson, former First Lady of the United States. It is commonly used in estate planning to avoid probate and ensure a smooth transition of ownership. The Roseville California Enhanced Life Estate or Lady Bird Grant Deed is often utilized when a married couple or two individuals want to transfer their property to another individual or a couple, while retaining the right to reside in or use the property for the remainder of their lives. It offers significant advantages by allowing the granters to avoid probate, maintain control of the property during their lifetime, and have the ability to sell, mortgage, or even revoke the grant during their lifetimes. This type of deed provides enhanced provisions compared to a regular life estate, ensuring that the granters have complete control and flexibility over the property. By utilizing this deed, the granters can protect their rights and interests, while still transferring the property to the desired individuals. The Roseville California Enhanced Life Estate or Lady Bird Grant Deed provides the following key features: 1. Retention of Control: The granters retain full control over the property during their lifetime. They have the right to occupy, sell, lease, or mortgage the property without obtaining permission from the grantees (the new owners). 2. Automatic Transfer: Upon the death of the granters, the property automatically transfers to the grantees without going through probate. This simplifies the transfer of ownership and avoids the costs and delays associated with probate proceedings. 3. Revocable Nature: The granters have the power to revoke or amend the deed if they change their minds or circumstances change. This flexibility allows them to adapt the terms of the transfer to their evolving needs or preferences. 4. Property Tax Benefits: The transfer of property through this type of deed may be qualified for certain property tax exclusions or reassessment exemptions, resulting in potential tax savings for the grantees. It is important to note that while the Roseville California Enhanced Life Estate or Lady Bird Grant Deed is a powerful estate planning tool, consulting with a qualified attorney is highly recommended ensuring that the document is drafted correctly and aligns with the granters' intentions. In conclusion, the Roseville California Enhanced Life Estate or Lady Bird Grant Deed allows individuals or husband and wife to transfer their property to others while retaining control and benefits during their lifetime. It offers advantages such as probate avoidance, flexibility, and potential property tax benefits. Consulting a legal professional is crucial to ensure proper execution of this deed.
